Hawaii welcomes 30 new captives in 2017
The State of Hawaii grew its licensed captive population to 230 in 2017, welcoming 30 new captives and dissolving eight.
Of the 30 licensed captives, there are 24 pure captives, two risk retention groups, one sponsored captive and three reinsurance only captives. 14 of the captive owners are located in the Western US, 11 in Japan and five in Central US. The owners come from different industries including financial services, retail, manufacturing, construction, real estate, health and transportation.
The overall amount ties the most captives licensed in a single year for Hawaii since its enactment of captive insurance law in 1986.
Of the eight dissolved captives in 2017, two were conversions to protected cells under a sponsored captive.
“The quantity and quality of new captive insurance companies in 2017 proves the strength of Hawaii as an ideal domicile,” said insurance commissioner Gordon Ito. “The State of Hawaii's focus will continue to be providing a strong infrastructure for its captive insurance companies.”
“A main reason for success is the State's experience and ability to foster collaborative partnerships with captive owners and its service providers to achieve risk management objectives. Our dedicated captive insurance staff, knowledgeable service providers, and prudent regulatory environment all help to make Hawaii an attractive domicile,” stated acting captive insurance administrator Andrew Kurata.
In 2016, Hawaii’s captives wrote more than $6.22 billion in premium volume, invested nearly $1.05 billion in assets through Hawaii financial institutions and generated approximately $23 million in economic benefits to Hawaii through various taxes and fees, professional services, annual conferences and visitor industry business.
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